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A TradingView analysis has identified a key Shiba Inu accumulation zone, with upside targets of up to $0.00004170.
Shiba Inu (SHIB) has mirrored the broader market’s bearish trend, with notable declines over the past few days. As of today, SHIB is trading at $0.00002096, with a 24-hour trading volume of $550,146,631.
This price represents a 3.89% drop in the last 24 hours and a cumulative loss of 5.33% over the past week. The downturn is indicative of sustained selling pressure across the market.
However, key accumulation trends and a well-defined long entry zone suggest that recovery may be on the horizon.
Favorable Shiba Inu Accumulation Zone Amid Bearish Market
Amid the recent decline, an analyst on TradingView identified critical Fibonacci levels that point to an accumulation phase for SHIB. The analysis focused on Shiba Inu’s price action in the 2-day timeframe.
Specifically, the analyst noted that Shiba Inu is pulling back within its upward trend channel, nearing the critical long entry zone at approximately $0.0000162.
This price point coincides with the lower boundary of an ascending channel. The analyst sees it as a significant accumulation point should the bears drive the SHIB price lower.
Upside Targets to SHIB
Accordingly, the analysis outlines possible price targets for SHIB after this accumulation phase. The first target is $0.00002800. Once Shiba Inu bulls overcome the above level, the second level to aim for is $0.00003500, which aligns with historical resistance zones.
Meanwhile, the third target is $0.00004170, a potential 98.10% increase from the current price. The analyst views the retracement as a healthy accumulation signal before a possible bullish trend resumes.
Long-Term Holders Dominate
Aligning with the TradingView observation, on-chain data from IntoTheBlock shows a consistent rise in SHIB’s long-term holders. The number of addresses holding SHIB for over a year has risen by 0.51%, now totaling approximately 950,000.
In contrast, the number of short-term traders who held SHIB for less than a month has decreased by 35.11%. This decline reflects reduced speculative activity, further stabilizing the market.
Mid-term holders, categorized as addresses holding SHIB for 1 to 12 months, have grown by 19.98%. This resurgence suggests renewed interest among mid-term investors.
Historic Shiba Inu Accumulation Among Whales
Adding to the accumulation narrative, The Crypto Basic recently shared that Shiba Inu witnessed an extraordinary spike in large holder inflows, reaching a daily net flow of 33.59 trillion tokens on January 7, 2025.
This influx, valued at $739 million, accounted for approximately 5.7% of SHIB’s circulating supply, marking one of the highest accumulation events in the token’s history.
Historically, daily inflows averaged around 600 billion SHIB throughout 2024, with a rare high of 24.79 trillion tokens in March 2024. The last comparable event occurred in July 2021, when large holders moved significant volumes due to lower market prices.